A workplace that requires workers to become union members within 30 days of being hired by a firm is
A. The AFL-CIO.
B. A craft union.
C. An industrial union.
D. A union shop.
Answer: D
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The downward-sloping demand curve of a monopolistic competitor
A. ensures that the firm will produce at minimum average cost in the long run. B. reflects some level of control over its own price. C. indicates collusion among the members of the product group. D. becomes eventually horizontal in the long run.
The input-substitution effect of an increase in the wage comes about because higher wages:
A. increase production costs, and final good prices will rise, reducing the quantity demanded of the product. B. increase production costs, and final good prices will rise, increasing the quantity demanded of the product. C. make labor less expensive as an input, leading firms to switch to labor as an input. D. make labor more expensive as an input, leading firms to switch to other inputs.
A shift in demand occurs when
A) the price of that good changes. B) the amount demanded of a good changes at each existing price. C) there is a change in quantity demanded. D) the price changes and the good is a normal good.
A month ago, you bought a one-year bond with a value of $100 that pays a fixed interest rate of 5 percent per year. The interest rate of the economy was also 5 percent. Today you read in the newspaper that the interest rate in the economy decreased to 3 percent. You are holding a bond that is:
A. more desirable to other investors. B. not desirable at all. C. desirable to you. D. less desirable to other investors.